Published Dec 6, 2024

IEPF Claims: Understanding the Banking Laws (Amendment) Bill 2024

Recently, introduced in the Lok Sabha, the Banking Laws (Amendment) Bill 2024 brought in some drastic changes in the Indian scenario of unclaimed dividends and shares.

As specialists in IEPF claims and recovery of unclaimed financial assets, Clearclaim is the best placed to explain the ramifications of these changes for you and to outline how these affect the process of recovery of your missed investments. Key changes in the Banking Laws (Amendment) Bill 2024 are:

1. More Nomination Options : The bill proposes that the permissible number of nominees per bank account be raised from one to four. This amendment would apply to bank lockers as well as deposits so that the account holder may have flexibility in managing assets.
2. Also, one of the most important aspects for our clients is the inclusion of a long list of securities that could be transferred to the Investor Education and Protection Fund.
3. Nowadays, it includes: These shares whose dividends have stayed unsettled for seven successive years.
4. These Interest or redemption amount for Bonds are unclaimed for seven consecutive years. Recovery of unmovable monies form the IEPF.
5. This proposed bill explains the process one ought to undertake to retrieve all these transferred assets from IEPF.
6. Clearclaim’s experience can be really helpful in walking customers through the very complicated process of retrieving their money back.

Effect on IEPF Claims and Unclaimed Dividends:The same changes affect the lives of people who hold unclaimed financial assets.
Awareness: The bill will bring the people’s attention to the problem of unclaimed assets, which may lead them to find and claim lost investments.
Easy Claim Process:An easy-to-understand process for claiming assets from IEPF will simplify this process. However, the claim process is still complex and so requires professional help.
Further Scope for Claimable Assets: The introduction of unclaimed interest on bonds and redemption amount added further scope for assets retrievable under IEPF.

How Clearclaim can Help: As an IEPF claim and unclaimed shares and dividends company, Clearclaim is best suited for help in such new regulations for their clients:

Expert Advice: Our experts are up-to-date with the latest modifications in the banking law and IEPF law for the advice of the customer.

Processing of Claim: We process the entire claim right from finding unclaimed assets to preparing the relevant papers for filing at IEPF.

Recovery: This way, our customers retrieve all their eligible unclaimed financial assets that have been included recently in the amended laws.

Time-Saving Solution: We will take care of the complicated claim process so our customers do not have to bother themselves and can do other things.

Action Step for Prospective Claimant: If you suspect to have some unclaimed dividend, shares, or other financial asset, this is the right time to make a move. There was an expansion of the category to consider transferable assets by introducing IEPF. So, check to identify such unclaimed assets in your name, gather all your supporting documentations, and start raising your claim as early as you possibly can. Don’t make your hard-earned dollars a drop to nowhere.

Contact Clearclaim today to start the recovery of the financial assets. Our experts will lead you through step by step the IEPF claim process and help you to avail of the benefits from the amendments introduced through the Banking Laws (Amendment) Bill 2024. Your unclaimed assets await you-Clearclaim takes you back to what is yours.